Interest Rates for Duty Refunds and Shortfalls
U.S. Customs and Border Protection has updated its list of the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties. For the quarter Oct. 1 through Dec. 31, 2020, the interest rates for overpayments are two percent for corporations and three percent for non-corporations, and the interest rate for underpayments is three percent. These rates are unchanged from the previous quarter.
Import Restrictions on Archaeological Material from Chile
Effective Oct. 7, U.S. Customs and Border Protection has imposed import restrictions on certain archaeological material from Chile. Categories of materials subject to these restrictions include the following.
- stone: tools, bolas, pestles and mortars, cup-marked stones, perforated stones and spindle whorls, pipes, fishing tools, geometric stones, toque mano, beads, labrets, moai, rock art, and other polished stone objects
- ceramic pottery
- metal: personal ornaments, domestic and ceremonial tools, vessels, psychotropic paraphernalia, and figurines
- textiles: tunics, shirts, shawls, girdles, hats, mats and skirts, bags, panels, and khipus
- wood: snuff tablets, keros, domestic tools, navigation items
- bone, ivory, shell, and other organic material: hooks, harpoons, tools, body ornaments, spatulas, snuff tubes, combs, gourd containers, basketry, rope, musical instruments, and moai eyes